After-Hours Alert: Why IBM Stock Is Moving
Benzinga – International Business Machines Corp (NYSE: IBM) shares are volatile in Wednesday’s after-hours session after the company reported financial results.
What Happened: IBM reported fourth-quarter revenue of $16.69 billion, which beat average analyst estimates of $16.4 billion, according to Benzinga Pro. The company said its top-line results were flat on a year-over-year basis.
IBM reported fourth-quarter adjusted earnings of $3.60 per share, which was in line with consensus estimates.
“Our solid fourth-quarter performance capped a year in which we grew revenue above our mid-single digit model. Clients in all geographies increasingly embraced our hybrid cloud and AI solutions as technology remains a differentiating force in today’s business environment,” said Arvind Krishna, chairman and CEO of IBM.
“Looking ahead to 2023, we expect full-year revenue growth consistent with our mid-single digit model,” Krishna added.
IBM also expects consolidated free cash flow to increase by about $1 billion in 2023 to $10.5 billion.
IBM will hold a conference call to discuss its fourth-quarter results at 5 p.m ET.
IBM Price Action: IBM has a 52-week high of $153.21 and a 52-week low of $115.54.
The stock was up 0.22% in after hours at $141 at the time of writing, according to Benzinga Pro.
Photo: courtesy of IBM.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
